Health insurance premiums to rise in state due to increasing medical costs

Connecticut Health-Insurance

Connecticut residents could be seeing increases in the double digits. Although the health insurance rates in Connecticut are on their way up, and the percentage by which they increase will likely be in the double digits, insurers are pointing out that it is not the Affordable Care Act that is behind this additional expense, but it is actually due to the rising cost of medical products and services. Insurers are seeing more expensive claims, which is driving coverage prices upward. One example of higher health insurance premiums will be for…

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Connecticut seeks to reclaim its top ranking in terms of insurance by bringing in more captive groups

Connecticut is looking to re-establish itself as the insurance capital of the nation. Legislators are currently working on a plan to encouraging more companies that specialize in captive insurance to come to the state. Captive insurance is a form of self-insurance used often in the insurance industry. Captives are typically spin-off insurance groups that provide coverage for their parent company. This allows large insurers to take more risks and explore new investment ventures. They would also bring more jobs to the state and could help bolster the economy. According to…

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Connecticut looks to strengthen its defense against natural disasters with new legislation

Connecticut’s governor, Dannel Malloy, has announced that he will be introducing new legislation that could establish new performance standards for the state’s utilities companies. These new standards would require utilities companies to adopt more assertive practices in the event of natural disasters and other emergency situations. The recent spate of catastrophes in the U.S. has led to the formation of the legislation, especially as insurers warn that disasters could have significant and long lasting effects on the state’s economy. Hurricane Irene struck the state in April last year, causing significant…

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Connecticut regulators make changes to the guidelines for hurricane deductibles for the sake of consumers

The recent events surrounding Augusts’ Hurricane Irene has prompted insurance regulators in Connecticut to take a bold stance in determining how insurers should respond to future hurricanes. The state’s Department of Insurance has begun revising a number of guidelines governing the insurance industry’ sometimes suspect hurricane deductibles. Regulators began reviewing changes to the system shortly after the storm, but only now have they reached a consensus on how far to take them. The Department of Insurance is looking to change the guidelines to make them more consumer friendly. Hurricane deductibles…

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Seventeen Connecticut homeowners insurers waive Irene damage hurricane deductibles

According to the Malloy administration, almost 70 percent of the homeowners insurance companies in Connecticut have announced that they will be forgiving the more expensive deductibles for damage claims relating to Tropical Storm Irene. According to a statement made by Governor Dannel P. Malloy and Insurance Commissioner Thomas Leonardi, “Failure to do this would result in many homeowners paying tens of thousands of dollars out-of-pocket.” Even though Irene had been downgraded to a tropical storm by the time it reached the state, the clause for hurricane deductibles became effective for…

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